Hercula Cycles started March with 25 bicycles that cost $65 each. On March 16, Hercula purchased 50 bicycles at $80 each. On March 31, Hercula sold 31 bicycles for $96 each. Requirements 1. 2. Prepare Hercula Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that Hercula sold 20 bicycles that cost $65 each and 11 bicycles that cost $80 each. Journalize the March 16 purchase of merchandise inventory on account and the March 31 sale of merchandise inventory on account. Requirement 1. Prepare Hercula Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that Hercula sold 20 bicycles that cost $65 each and 11 bicycles that cost $80 each. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first. Abbreviation used: QTY = Quantity; Tot. = Total) Hercula Cycles Purchases Cost of Goods Sold Inventory on Hand Date QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost Mar. 1